Ex-adviser to President Donald J. Trump will issue a stablecoin, secured by a partial reserve.
Stephen Moore, appointed by Trump to the Fed Council,established a partnership with former Reagan Deputy Advisor General Ralph Benko and Everipedia co-founder Sam Kazemyan to launch a new stablecoin called Frax. Moore will become its co-founder.
Soon, central banks will feel competitionon the part of private currencies such as Frax, Moore said in a statement, “The days of state monopoly on currencies by central banks have come to an end.
Currencies are designed to preserve value,but given the wild level of devaluation, the world needs a global currency that will have stable value in order to benefit consumers, enterprises and investors.
According to the statement, Frax will be provided with 1: 1 reserves in US dollars, and the reserves will be leased and will bear interest so that the cost of Frax remains close to one dollar.